California Public Employees Retirement System Purchases 11,257 Shares of Freeport-McMoRan Inc. $FCX

California Public Employees Retirement System increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,496,909 shares of the natural resource company’s stock after acquiring an additional 11,257 shares during the period. California Public Employees Retirement System owned about 0.17% of Freeport-McMoRan worth $146,768,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FCX. Pinnacle Bancorp Inc. increased its holdings in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. lifted its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Essex Bank lifted its holdings in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares in the last quarter. Leo Wealth LLC boosted its position in shares of Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after buying an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. boosted its position in shares of Freeport-McMoRan by 0.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after buying an additional 175 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FCX shares. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Sanford C. Bernstein lifted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $68.77.

Freeport-McMoRan Stock Down 0.2%

FCX stock opened at $58.44 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The business’s 50-day moving average is $63.87 and its two-hundred day moving average is $61.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market cap of $84.02 billion, a price-to-earnings ratio of 31.09, a P/E/G ratio of 0.58 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. As a group, analysts forecast that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.